HON MINISTER OF FINANCE AND ECONOMIC PLANNING INAUGURATES MASLOC BOARD OF DIRECTORS

A seven member Board of Directors for the Microfinance and Small Loans Centre (MASLOC), the first since its establishment in 2006, has been inaugurated by Honourable Dr. Kwabena Duffuor, Minister of Finance and Economic Planning.

Inaugurating the board, he said the success of this poverty alleviation scheme depended on the board’s ability to identify the sources of the poor people’s deprivation trap and to respond with tailor-made products and services.

“Your strategy should therefore be able to identify who the poor are, where they live, and which aspects of their poverty needs financial support. The strategy must also establish the medium to long term targets for poverty reduction using access to finance”.

He said it is estimated that there were over 3.6 million people living in poverty and who suffer all forms of deprivation and are vulnerable to and exposed to all forms of risks.

The objective of this scheme is therefore to support government’s programme of reducing poverty as outlined in the President’s State of the Nation’s address and economic policy of government.

Hon. (Dr). Kwabena Duffuor said they would face a number of challenges especially where there is no legal framework for the scheme as well as the perception that government money is free money and its implications for recovery of loans.

He therefore charged them to use their experience and expertise to retrieve the millions of cedis that are yet to be recovered.

The Finance Minister also used the occasion to appeal to all who have benefited from the scheme and are yet to pay back to do so immediately, the money recouped would be disbursed to other applicants.

The seven member Board is made up of Lt. Col Rtd Kaku Korsah (Chairman), Ms Berthan Ansa Djan, Mr. Pius Austin, Ms. Afi Amoro, Mr. Baidelah Mottey Akpadzi, Mr. Paul Mensah Oti and Ms. Maria Sinari.

Lt. Rtd Kaku Korsah, Chairman of the Board, on behalf of the Board thanked his Excellency the President for the great honour done them and pledged to discharge their duties diligently to the best interest of the nation.